Common use of ALLOCATION OF LIQUIDATED LOAN LOSSES Clause in Contracts

ALLOCATION OF LIQUIDATED LOAN LOSSES. Prior to each Distribution Date the Master Servicer shall determine the total amount of related Liquidated Loan Losses, if any, that occurred during the related Due Period with respect to the Group I Loans and the Group II Loans. The amount of such Liquidated Loan Losses shall be evidenced by an Officer's Certificate to be delivered to the Trustee not later than the Master Servicer Remittance Date. On each Distribution Date, the principal portion of all Liquidated Loan Losses on the Mortgage Loans in Loan Group I shall be allocated in reduction of the Certificate Principal Balance of the Class I S Certificates, until the Certificate Principal Balance thereof has been reduced to zero. On each Distribution Date, the principal portion of all Liquidated Loan Losses on the Mortgage Loans in Loan Group II shall be allocated in reduction of the Certificate Principal Balance of the Class II S Certificates, until the Certificate Principal Balance thereof has been reduced to zero. In each case above, Liquidated Loan Losses after the Certificate Principal Balances of the Certificates described above have been reduced to zero shall not be allocated to any specific class of related Certificates, but shall increase the Group I Subordination Deficit or Group II Subordination Deficit, as applicable, in the manner described in this Agreement.

ALLOCATION OF LIQUIDATED LOAN LOSSES. Prior to each Distribution Date the Master Servicer shall determine the total amount of related Liquidated Loan Losses, if any, that occurred during the related Due Period with respect to the Group I Loans and the Group II Loans. The amount of such Liquidated Loan Losses shall be evidenced by an Officer's Certificate to be delivered to the Trustee not later than the Master Servicer Remittance Date. On each Distribution DateDate following the application of all amounts distributable on such date, to the extent the aggregate Certificate Principal Balances of the related Certificates exceed the related Pool Principal Balance as of the end of the related Due Period due to Liquidated Loan Losses, the principal portion Certificate Principal Balances of all Liquidated Loan Losses on the Mortgage Loans in Loan Group I related Class B-1 Certificates and Class M Certificates shall be allocated in reduction of reduced as follows, until such deficiency is fully allocated: first, the Certificate Principal Balance of the related Class I S CertificatesB-1 Certificates shall be reduced, until the related Certificate Principal Balance has been reduced to zero; second, the Certificate Principal Balance thereof of the related Class M-2 Certificates shall be reduced, until the related Certificate Balance has been reduced to zero; and third, the Certificate Principal Balance of the related Class M-1 Certificates shall be reduced, until the related Certificate Principal has been reduced to zero. On each Distribution Date, the principal portion of all Liquidated Loan Losses on the Mortgage Loans in Loan Group II shall be allocated in reduction of the Certificate Principal Balance of the Class II S Certificates, until the Certificate Principal Balance thereof has been reduced to zero. In each case above, Liquidated Loan Losses after the The Certificate Principal Balances of the related Class A Certificates described above have been reduced to zero shall not be allocated to any specific class of related Certificates, but shall increase the Group I Subordination Deficit or Group II Subordination Deficit, as applicable, in the manner described in this Agreementso reduced.

ALLOCATION OF LIQUIDATED LOAN LOSSES. Prior to each Distribution Date the Master Servicer shall determine the total amount of related Liquidated Loan Losses, if any, that occurred during the related Due Period with respect to the Group I Loans and the Group II Loans. The amount of such Liquidated Loan Losses shall be evidenced by an Officer's Certificate to be delivered to the Trustee Certificate Administrator not later than the Master Servicer Remittance Date. On each Distribution Date, the principal portion of all Liquidated Loan Losses on the Mortgage Loans in Loan Group I shall be allocated in reduction of the Certificate Principal Balance of the Class I S Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and then in reduction of the Certificate Principal Balance of the Class II S Certificates, until the Certificate Principal Balance thereof has been reduced to zero. On each Distribution Date, the principal portion of all Liquidated Loan Losses on the Mortgage Loans in Loan Group II shall be allocated in reduction of the Certificate Principal Balance of the Class II S Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and then in reduction of the Certificate Principal Balance of the Class IS Certificates, until the Certificate Principal Balance thereof has been reduced to zero. In each case above, Liquidated Loan Losses after the Certificate Principal Balances of the Certificates described above have been reduced to zero shall not be allocated to any specific class of related Certificates, but shall increase the Group I Subordination Deficit or Group II Subordination Deficit, as applicable, in the manner described in this Agreement.